Spurs are on the hunt for a new permanent manager following the sacking of Jose Mourinho earlier this month.
Rodgers, who has has led the Foxes into the Champions League places and an FA Cup final this season, was considered the top choice by Tottenham chairman Daniel Levy.
The Northern Irishman publicly rejected the notion that he could be heading to north London, but the Sun reports that the finances required have ruined a potential move.
It would cost Spurs up to £70m to appoint Rodgers; he earns up to £10m per season with Leicester, so Tottenham’s four-year contract offer would cost £12.5m per year, while compensation would likely come to £20m.
Then there would be the cost of bringing the manager’s coaching staff across from the King Power.
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